TD Cowen's Itay Michaeli believes significant sales uptake for the R2 will far exceed what Wall Street is currently modeling, potentially unlocking profitability and sending shares higher. He forecasts full-scale U.S. demand for the model in the range of 212,000 to 335,000 units annually once production hits stride. That range sits well above consensus estimates and could drive meaningful upside to 2027 revenue and EBITDA forecasts.
COPX has returned roughly 154% over the trailing twelve months, reaching $95.70 as of February 27, 2026. The underlying commodity kept pace: LME copper prices climbed 33% year-over-year to $12,987 per metric ton as of January 2026, sitting at the 90th percentile of its historical range. Miners amplify commodity moves through operating leverage, and that amplification has driven the fund's outperformance relative to the underlying commodity over the period.